A transaction wherein a reinsurer cedes the reinsurance he or she has assumed to another reinsurer.
Tag: RAW
Retrocession/retrocessionaire
The transaction when a reinsurer (the retrocedant) reinsures parts of his risks (the retrocession) with another reinsurer (the retrocessionaire).
Retrocessionaire
REINSURANCE: A reinsurer who assumes reinsurance from another reinsurer.
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The reinsurer under a retrocession.
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UK: the reinsurer who accepts retroceded business.
Retrocessionaire (Reinsurance)
The insurer who reinsures a reinsurer.
Retrocessionnaire
The assuming reinsurer in a retrocession, where the ceding reinsurer is known as the retrocedent. Reinsurer of a Reinsurer.
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A retrocessionnaire is a reinsurer that contractually accepts from another reinsurer a portion of the cedant’s underlying reinsurance risk.
Retrospective coding
Process in which coding for medical services occurs after the patient is discharged from the hospital.
Retrospective cover
Liability policy extension bringing within a losses-occurring policy on a claims-made basis bodily injury or damage caused prior to the inception of the policy but for which no previous policy can be traced. ‘Retro’ cover closes gaps in the insured’s insurance history but does not respond to shortfalls in cover in traced insurances. ‘Retro’ cover should embrace the insured’s previous activities as the current business description may not apply.
Retrospective Date
The first date for which claims will be paid under a claims-made policy of liability insurance.
Retrospective excess of loss
Finite risk cover for IBNR losses under which the reinsured pays a premium for the (partial) assumption of losses that exceed the accumulated reserves. Contracts may be structured as: stop loss treaties, working excess of loss treaties or catastrophe excess of loss basis.
Retrospective for Rating
A rating method under which the insured’s premium depends upon the insured’s own loss experience subject to minimum and maximum premium constraints. Usually used in Group Mediclaim and Group Personal Accident Policies. In a similar yet different approach a provisional premium is paid at the beginning of the policy period and at the end of the period a final premium is computed based on the actual loss experience during the period. It is also widely used for Workmen’s (Employee’s) Liability Insurance, Liability Insurance policies, Motor Act only Policy, Property damage and Burglary Policy for large firms.